Rio Narcea starts feasibility at Valle

Denver-based Rio Narcea Gold Mines (TSE) reports that most of the 1.9 million common share purchase warrants issued at the time of the company’s public offering have been exercised.

At the time of expiration, more than 1.9 million warrants had been exercised for net proceeds of more than $2.6 million.

Meanwhile, the company has hired MinCorp, also of Denver, to complete a feasibility study on the Valle project in northwestern Spain. MinCorp will work in conjunction with Ontario-based Lakefield Research, which is completing metallurgical testing at the project.

Rio Narcea is also carrying out infill and metallurgical drilling, with a total of five rigs in operation.

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